Medical Marijuana Lawmakers in Colorado Favor Marijuana Banking

A&A Packaging comments on the world’s first approved banking system for the marijuana industry in Colorado and how this will affect the industry in its entirety.

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If states are going to tax the industry and make revenue from it, they should allow dispensaries to have the same rights as other businesses.

Boulder, CO (PRWEB) May 12, 2014

AP News reports on how lawmakers in Colorado have recently approved of the world’s very first financial system intended specifically for the marijuana industry. On Wednesday, a group of collectives and medical marijuana advocates calculated a strategy to ensure that marijuana businesses will have access to proper banking services.

Traditionally, marijuana businesses have been rejected by the banking system for even the most basic banking services because marijuana is still illegal on a federal level. As a result of not having banking privileges, dispensary owners have had to store large sums of cash with little or no security, making them easy prey for crime plots. "We are trying to improvise and come up with something in Colorado to give marijuana business some opportunity, so they do not have to store large amounts of cash." said Sen. David Balmer, R-Centennial, to AP News.

According to AP News, since the taxing and tracking of marijuana sales growth is a major revenue generator for Colorado, the U.S. Treasury Department stepped to the defense of the industry in early February to announce that banks could serve marijuana businesses but only under certain conditions. Tracking true growth potential of the industry is much more effective to do when businesses have bank accounts and are not backed up primarily in cash.

An A&A Spokesperson said that, “allowing marijuana businesses to have bank accounts will also help cut back on crime from suspecting criminals whose motives would be based on cash incentives. If states are going to tax the industry and make revenue from it, they should allow dispensaries to have the same rights as other businesses.” A&A Packaging supports Colorado’s approval of banking services not only for the sake of having a more standardized and efficient monetary system, but also for the livelihood and safety of those involved in the medical marijuana industry.

A&A Packaging is an industry leader in bringing high quality medical marijuana containers, dispensary packaging, and a variety of products for all legal and medical marijuana dispensary businesses. They offer products at wholesale prices without compromising the compliance quality and state regulations that states such as Colorado demand. To learn more about how A&A Global Imports can help your dispensary or smoke shop business, please call (888) 315-2453 or visit their website http://www.marijuanapackaging.com.